File services

New ruling on payday loans is bad news for borrowers

Would-be lenders have long attempted to evade state usury laws by using what are known as bank leasing programs: an out-of-state bank, which is not bound by interest rate caps in the state of the payday lender, acts as a front to the company that is actually originating a high interest loan that they could […]

File services

Expansion of payday loans means quick money and cycle of debt for Michigan’s poor, Bishops say

A Michigan proposal to quadruple the maximum loan amount allowed for payday lenders would exploit the poor and trap many in a cycle of debt when alternatives are available, the Michigan Catholic Conference has told a Senate committee. ‘State. “Residents of the state may not know that there are charitable agencies and low-income loan opportunities […]